Healthcare payments can be complex, particularly given insurance reimbursements, coverage changes, and shifts in payment methods. Keeping a pulse on healthcare payment trends can help your practice prepare for emerging patient expectations and continue to meet their needs.
Payment Plan Options and Patient Financing
With healthcare costs rising, patients need payments to be more manageable. Healthcare organizations have begun to implement payment plans that give patients more flexibility in covering their costs. To implement payment plan solutions, practices need an effective approach for monitoring payment status and tracking plans. These solutions likely involve automation to develop a payment cadence for patients based on their unique needs.
With financing options, organizations can increase case acceptance and build more revenue for their practices. The key to introducing financing options is working with a no-risk, industry high-approval rating finance provider like Rectangle Health. With patient financing, patients can set up payment plans regardless of their credit score. Patients have greater access to care and providers start receiving payments shortly after care.
No Insurance
The Families First Coronavirus Response Act prevented Medicaid agencies from disenrolling beneficiaries during the COVID-19 public health emergency (PHE) unless a person requested it. With the PHE expiring in 2023, a projected 18 million people are expected to lose Medicaid coverage and about 3.8 million people will become uninsured (Healthcare Finance, 2022).
This stark drop-off in Medicaid coverage will require more out-of-pocket payments following appointments. Healthcare organizations can respond to this shift with payment plans, and they can make the payment process easier with technology that supports safe and secure payments online and through applications.
With features like card on file and recurring payments, practices can make payments more accessible for patients despite the lack of insurance. Organizations should be able to support a range of payment methods so patients can get the care they need within their financial means.
Contactless Payments
With the rise in contactless payments, people look for them everywhere, including their physician’s office. Healthcare organizations should keep up with the demand by working with a reliable payment partner who can implement a contactless payment system. These contactless payment options can even include Text-to-Pay, Card on File, and online payments that can occur outside of the office.
When searching for a vendor, providers should partner with someone who understands the complexities of the healthcare industry and the compliance requirements that come with it. In particular, all payment operations should align with the Health Insurance Portability and Accountability Act (HIPAA).
Upgrade Your Payment Process with Practice Management Bridge®
With Practice Management Bridge®, your practice can offer convenient payment solutions, like Text-to-Pay, Card on File, and contactless capabilities. Explore the full solution alongside our security and compliance support. To learn more, request a demo today.
* The Patient Financing program provides nearly 100% approval. Applicants determined to be in Open Bankruptcy, Fraud Alert or on the Terrorist Watch List during the application process will be declined. Patients covered by government payor programs for a procedure are not eligible for financing of that procedure. Government payer programs include Medicare, Medicaid, the State Children’s Health Insurance Program (SCHIP), the Department of Defense TRICARE and TRICARE for Life programs (DOD TRICARE), the Veterans Health Administration (VHA) program, and the Indian Health Service (IHS) program.
References
- Healthcare Finance (2022, December 8). Up to 18 million people could lose Medicaid coverage after COVID-19 PHE. Retrieved from https://www.healthcarefinancenews.com/news/18-million-people-could-lose-medicaid-coverage-after-covid-19-phe.
